Ethereum On-Chain Metrics Signal A Positive Rally Ahead – ETH Price Might Hit This Level Soon

The Ethereum Upgrade overshadowed the miners who had previously driven the ETH blockchain with promises of massive environmental benefits. Ethereum's developers claimed the upgrade would make the network – hosting a $60 billion ecosystem of cryptocurrency exchanges, lending companies, non-fungible token (NFT) marketplaces, and other apps – more secure and scalable.

Timeline of Ethereum

It's been more than 2 weeks since Ethereum's Merge happened. However, the hype that existed before the event died down soon, with the event followed by disinterest in the cryptocurrency.

Bitcoin (CRYPTO: BTC), the world's most valued cryptocurrency, managed to remain above the $20,000 level this morning. The second-most valued cryptocurrency, Ethereum (CRYPTO: ETH), meanwhile, traded slightly higher, remaining above the $1,300 mark on Thursday.

The world's second-largest cryptocurrency Ethereum (ETH) has been under a bit of selling pressure moving closer to $1,200 levels. However, the ETH price is showing a bit of bounce back recently and has surged to $1375 levels.

The Merge, which marked the official transition of the Ethereum blockchain from a proof-of-work blockchain to a proof-of-stake blockchain, has been hailed as a technological marvel within the crypto space. Most importantly, the upgrade was rolled out with such precision that there were no hiccups in the entire rollout.

One of the largest financial services giants in the world has begun offering exposure to Ethereum through a new ETH index fund. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Fidelity, a firm with over $4.

Ethereum Towers, a community-centric, vertical megastructure consisting of 4,388 NFT apartments set in the upcoming Ethereum Worlds Metaverse, on Wednesday announced the launch of its next apartment NFT mint on NFT marketplace OpenSea. Social Platform Built For Non-Gamers: Ethereum Towers is a social platform for non-gamers who appreciate the creativity of the metaverse without its complexity.

Ethereum has been seeing increased regulatory scrutiny in recent months. This comes following the network's move to a proof of stake mechanism and the introduction of staking to the others.

Two weeks ago, Ethereum received praise and attention for successfully completing its highly-anticipated Merge, a historic switch to a new “proof-of-stake” blockchain intended to significantly reduce energy consumption—by as much as 99%. However, when investors awoke shortly after the upgrade,the token's price was at its lowest point since July.

After reaching a high of $2030 on August 14, Ethereum's price began a corrective wave, forming a descending channel – as shown in blue on the following chart. The bottom of this channel, combined with the 200-week moving average line (in yellow), acted as support and prevented the price from dropping further.

After months of speculation, the long-awaited Ethereum (ETH) merge finally took place on September 15, 2022. The merge saw the popular blockchain network move from its hardware-based PoW (proof-of-work) model to the more environmental-friendly PoS (proof-of-stake) model. The merger will see the Ethereum blockchain reduce its carbon footprint by 99.